Download - Joseph Eugene Stiglitz
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JOSEPH EUGENE STIGLITZ
Wowzers!!
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Economist in the Making Born in Gary, Indiana,
1943. Graduated from
Amherst College Received his PHD from
MIT in 1967 Became full professor
at Yale in 1970 Awarded the John Bates
Clark Award in 1979
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Economist Fulfilled
Taught at Princeton, Stanford, MIT and Oxford.
Served on the Council for Economic Advisors under Clinton
Was the Chief Economist of World Bank Chaired the Commission on the Measurement of Economic Performance and Social Progress
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Contributions
Co-founder of Initiative for Policy Dialogue (IPD)
IPD helps developing countries explore alternative policies and ensures wider civic participation
Helped create a new branch of economics : “The Economics of Information”
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Information Asymmetry
He received a Nobel Prize for his work on “Information Asymmetry” & “Screening”
A technique used by one economic agent to extract otherwise private information from another
This creates an imbalance, manipulating market results
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Stiglitz-Shapiro Model
A major contribution resulting from research on efficiency wages in 1983
Explains unemployment and wages How everyone can receive an occupation Unemployment is driven by the
information structure of employment Challenges assumption that markets are
always efficient
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Graphs for Model
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Impact on Society & World
Established foundation for modern economics
Displayed weaknesses of current economic system
Awareness of poverty in developing nations due to Globalization, shown via published books
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Why should we care?
By educating ourselves we can only be prepared for the future
New economic crises, while Stiglitz’ contribution will serve us as aid
Time to start recovering the economy, through proper reform!!
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Citations "Joseph E. Stiglitz." The Nobel Foundation. Joseph E. Stiglitz, Dec. 2002. Web. 21 Feb. 2010.
<http://nobelprize.org/nobel_prizes/economics/laureates/2001/stiglitz-autobio.html>.
Stiglitz, Joseph. Globalization and its Discontents. New York: W.W. Norton & Company, 2003. Print.
Stiglitz, Joseph. Making Globalization Work. New York: W.W. Norton & Company, 2007. Print.
Stiglitz, Joseph E. Josephstiglitz.com. Columbia University. Web. 1 Mar. 2010. <http://www.josephstiglitz.com/
Autor, David H. Efficiency Wages, the Shapiro-Stiglitz Model. Working Paper no. 548. 2003. Print.
http://econ-www.mit.edu/files/548
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